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U.S. Federal Reserve awards $95.92 billion reverse repos

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NEW YORK The Federal Reserve on Tuesday awarded $95.92 billion of overnight fixed-rate reverse repurchase agreements to 43 bidders at an interest rate of 0.05 percent, the New York Fed said on its website.

This was the smallest amount in a week when it awarded $86.16 billion to 39 bidders at the same interest rate.

On Monday, the Fed had allotted $144.6 billion in one-day reverse repos to 50 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.05 percent.

The overnight interest rate in the repurchase agreement, or repo, market was last quoted at 0.13 to 0.16 percent, compared with 0.09 percent on Monday USONRP=GCMN, according to ICAP.

In the repo market, money funds and other investors make short-term loans to banks and Wall Street dealers, which pledge Treasuries and other securities as collateral.

(Reporting by Richard Leong; Editing by Andrew Hay)

Source: R-Business


Trade sceptical over below-consensus India sugar output estimate

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LONDON Analysts are standing by 2015/16 Indian sugar production forecasts in a 26-27.5 million tonnes range despite a sharply below-consensus farmers’ estimate that drove a rally in ICE sugar futures.

Analysts for Green Pool, Sucden and the International Sugar Organization (ISO) said they stuck to their 2015/16 Indian sugar output forecasts, well above a survey of around 900 farmers last week that estimated output at 23 million tonnes.

That estimate contributed to a rally of around 3 percent in ICE raw sugar futures SBc1 on Friday.

Futures prices have since risen further, touching 15.78 cents a pound on Tuesday, a 10-month high, which dealers said was fuelled by data showing lower than expected sugar content in centre-south Brazil due to wet weather.

“It seems it (estimate) has not been taken too seriously by the trade,” one European trade source said.

Emmanuel Jayet, an analyst with Sucden, said of the estimate, “We don’t share that point of view. We are not ready to adjust our number on the basis of that view.”

Sucden sees Indian sugar output in 2015/16 at 26-26.5 million tonnes, against Green Pool’s estimate of 26.7 million and Platts Kingsman’s estimate of 27.5 million, incorporating the impact of a weak monsoon.

Assessing output in number 2 producer India is important in the global sugar trade because it gives a clue as to India’s export potential in 2015/16.

Tom McNeill, an analyst with Green Pool said: “We won’t be revising down our India numbers at this stage.”

He added, “On exports, we’ll have to wait and see how the proposed programme is implemented.”

Sergey Gudoshnikov, a senior economist with the ISO, said, “For the time being I’m not inclined to revise our projection of 27 million tonnes.”

Given concerns over the El Nino weather pattern, the 2016/17 season looks challenging for the Indian sugar sector, and there remains a real possibility that output could be below consumption next year, the European trade source said.

Indian trade sources spoke of concerns over the impact of dry weather on output in 2015/16.

“India’s sugar production could barely touch 25 million tonnes in 2015/16, as many farmers in Maharashtra are still reeling under the impact of the second consecutive drought,” said Praful Vithalani, owner of brokerage Jagjivan Keshavaji.

Desperate farmers couldn’t wait for mills to start crushing and decided to sell their produce as fodder.

India’s government has forecast this year’s sugar output at 26 million tonnes, nearly 4 percent lower than the estimate of the Indian Sugar Mills Association (ISMA).

(Additional reporting by Mayank Bhardwaj in New Delhi; Editing by David Evans)

Source: R-Business


Adele smashes single-week U.S. album sales record in four days

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NEW YORK British singer Adele has broken the single-week U.S. album sales record in just four days with her new release “25,” Nielsen Music said on Tuesday.

Total sales for the album, released on Friday, have surpassed 2.43 million copies, smashing a 15-year-old record set by boy band NSync’s 2000 album “No Strings Attached,” Nielsen said. The NSync album sold 2.41 million copies in its first week.

The huge Adele sales figures come at a time when artists rarely top 1 million in opening week sales because of the rise of online streaming of music.

Taylor Swift’s “1989” album was the last record to achieve the milestone when it opened last year with nearly 1.3 million copies for the week.

Like Swift, Adele and her independent record company XL Recordings decided to withhold “25” from streaming platforms such as Apple Inc’s Apple Music service, privately owned Spotify and Google Play.

“25” is Adele’s first album since her 2011 release “21,” which won six Grammy awards and sold more than 30 million copies worldwide.

The first single, “Hello,” which debuted last month has sold more than 2.5 million digital copies and has been on top of Billboard’s Digital Songs chart for four consecutive weeks.

“25” sales data for the first full week will be released by Nielsen on Nov. 30.

(Reporting By Jill Serjeant; Editing by Alan Crosby)

Source: R-HMovies

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